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11/16/2012 4:50PM

Fiscal Cliff Talks to Get Fast Track

Congressional leaders said they have agreed to a fast-paced negotiation process to try and broker a "fiscal cliff" deal, speaking after what they characterized as a "very constructive" meeting Friday with President Obama. Damian Paletta has details on The News Hub. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... well only to the present with ... lawmakers to discuss the fiscal cliff has twenty cents after the meeting ... our challenge is to make sure that ... we were able to ... cooperate together ... work to go ... find some common ground with ... folks are looking for ... the goals we on this is that ... you wanna see that we are focused on them ... not focused on ... our fault it's your walk ... so ... Obama earlier today talking ... about band after his meeting ... with congressional leaders about the fiscal cliff ... the new poll lead joins us now from Washington DC way he has the story about exactly what one-on-one and it was like it then you thanks for joining us ... a siren ... so um we know the fiscal cliff has to get salt because we don't wanna go but when on a drive over that as a country what ... do you have to report ... what a really interesting this is the first time the four congressional leaders have met with the president since he ... is the election ... and they came out you know what the market for real nervous that little nervous ... going into this meeting there we have a big slug fest over taxes or Medicare ... that they came out in a very upbeat today was a very constructive meeting ... the stock market worth a hundred points immediately after lawmakers came out ... before them together the two Republicans to Democrats is a role ... in a sign of of of no significance ... and if you know what of course it didn't agree on what to do with the Bush tax cuts ... didn't agree on what to do with Medicare but they did a great next week to work to Thanksgiving aggressively ... try to come up with some ideas some ways top lock in deficit reduction ... this year ago by the end of the year and then to come back next year at some ... big things like overhauling the tax code ... and a reworking Medicare and Medicaid so ... you know the sort of this structure in place the really ... hard part the de tails they still up to work out you know how much in revenue or they can ago Mohr ... topic of how big of changes to Medicare to pursue so ... into the hard part still ahead of them but they have the right now they're on the right path ... but the role the wipe out the use of something that it does worry me a new set so they can come back next year and look on the hob Renta calmly been sort of as a country some are saying OK ... toasted for what six months Holsopple would he be an incumbent win a comeback platinum although hopes up ... maybe now's the time to deal with all our questions and many in the Oval on the label ... write to and that's one reason that it was going to watch destroyed skeptically is a typically when they have to ... see what they read to this year you know I did a great for example a Medicare ... to raise the ... you know some ... basic principles are to raise the ... retirement age for two years ... there to cut spending by ... ex billion dollars over ten years ago some concrete things ... than they should be going to sort of filling the gaps this is just no way ... we can restructure Medicare and come up ... with the new this year ... and on taxes today say ok we're going to raise ... six hundred billion dollars or where to get rid of these deductions or do this to the tax rates ... to be greeted at this year ... were they cut those difficult decisions in the next or two before they punt ... the more skeptical the markets are going to be ... in the weather and I think oh what extent do this all over again next year another stimulus ... uncertainty hanging over the